EI Power inks underwriting agreement

From left: EI Power Bhd independent non-executive chairman Datuk Jamaludin Nasir, OCK Group Bhd group managing director Datuk Sam Ooi Chin Khoon, EI Power executive director cum chief operating officer Sharon Mak May Cheng, EI Power executive director cum chief executive officer Albert Chang Wan Siong, M & A Equity Holdings Bhd managing director Datuk Bill Tan Choon Peow, M & A Securities Sdn Bhd head of corporate finance Gary Ting Hua Tai and M & A Securities deputy head of corporate finance Rachel Ho Seow Leng.

PETALING JAYA: EI Power Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

In a statement, the power engineering solutions provider said the IPO involved a public issue of 129.5 million new ordinary shares, representing 18.5% of its enlarged share capital, as well as an offer for sale of 70 million existing shares, accounting for 10% of its enlarged share capital.

Of the 129.5 million issue shares, 35 million shares will be made available to the public via balloting, 17.5 million shares to its eligible directors, employees and persons who have contributed to the success of the group while 14 million shares for the entitled shareholders of parent company OCK Group Bhd via restricted offering.

EI Power is scheduled to be listed by the second quarter of 2026. M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO.